Third st Bancshares(US:TCBX)2025-04-23 20:20Financial Performance - Year-over-year net income improved by 31% to $13.6 million for Q1 2025, with diluted EPS increasing by 28% to $0.78[2][9] - Net interest income for Q1 2025 was $42.797 million, compared to $38.079 million in Q1 2024, reflecting a year-over-year increase of 12.66%[39] - Net income for the three months ended March 31, 2025, was $13,589 thousand, slightly down from $13,733 thousand in the previous quarter[32] - Basic earnings per share for the three months ended March 31, 2025, were $0.90, compared to $0.92 for the previous quarter[32] - The diluted earnings per share for Q1 2025 was $0.78, compared to $0.63 in Q2 2024, marking a 23.81% increase[35] Asset and Loan Growth - Gross loans increased to $3.99 billion, a growth of $21.6 million or 0.5% from Q4 2024, and up 6.5% from $3.75 billion in Q1 2024[5][16] - Total loans increased to $3,988,039 thousand in Q1 2025, up from $3,966,425 thousand in Q4 2024, representing a growth of 0.03%[43] - Loans held for investment increased to $3,988,039 thousand as of March 31, 2025, compared to $3,966,425 thousand as of December 31, 2024, representing a growth of 0.5%[31] Asset Quality - Nonperforming loans decreased to $18.6 million, with a nonperforming loans to total loans ratio of 0.47% as of March 31, 2025[17][18] - Nonperforming loans decreased to $18,569 thousand in Q1 2025, down from $27,946 thousand in Q4 2024, a reduction of 33.6%[43] - Nonaccrual loans dropped to $17,066 thousand in Q1 2025, down from $26,773 thousand in Q4 2024, a decrease of 36.4%[43] - The allowance for credit losses to total loans remained stable at 1.01% in Q1 2025, consistent with Q4 2024[43] Deposits and Funding - Deposits totaled $4.25 billion, a decrease of 1.4% from $4.31 billion in Q4 2024, but an increase of 4.9% from $4.05 billion in Q1 2024[20] - Total deposits as of March 31, 2025, were $4,248,543 thousand, a decrease from $4,310,498 thousand as of December 31, 2024[31] - The average cost of deposits was 3.60%, down 23 basis points from Q4 2024 and 49 basis points from Q1 2024[21] Efficiency and Ratios - The efficiency ratio was 61.23%, compared to 58.80% in Q4 2024 and 64.11% in Q1 2024[15] - The efficiency ratio for Q1 2025 was 61.23%, slightly higher than 58.80% in Q4 2024, suggesting a need for cost management[35] - Total common equity to total assets ratio improved to 8.45% in Q1 2025 from 7.98% in Q4 2024, indicating stronger capital position[35] - Common equity tier 1 ratio to risk-weighted assets was 8.70% in Q1 2025, up from 8.41% in Q4 2024, indicating improved capital adequacy[35] Other Financial Metrics - Book value per share rose to $29.92, compared to $28.65 in Q4 2024 and $26.18 in Q1 2024[5][9] - Tangible common equity rose to $394,825 thousand in Q1 2025, compared to $375,718 thousand in Q4 2024, reflecting an increase of 5.4%[47] - Tangible book value per share improved to $28.56 in Q1 2025, up from $27.29 in Q4 2024, an increase of 4.7%[47] - Retained earnings increased to $134,115 thousand as of March 31, 2025, compared to $121,697 thousand as of December 31, 2024[31]